As job seekers in Dubai and the rest of the UAE anticipate the developments of 2024, a key report signals a 4.5 percent salary growth within the market. With recruitment dynamics transforming, particularly across burgeoning non-oil sectors, professionals hold optimistic prospects for the year ahead.
A substantial observation from Cooper Fitch’s latest UAE Salary Guide is the 54 percent of polled businesses have upped their wage offerings, a testament to the ongoing need for skilled talent. This trend is suggested to persist with the majority of companies eyeing further salary increments in 2024.
Organizational Insights:
A mixed landscape unravels when exploring organizational headcounts. While 28 percent of surveyed entities acknowledged downsizing, a larger fraction- 59 percent- embraced expansion, a pattern poised to continue.
Bonus Trends:
The prospect of annual bonuses looms positively, with a lion’s share of companies planning to grant the equivalent of a month’s basic pay. Select fields such as accounting and healthcare might even see bonuses extending to half a year’s pay. Counter to this, the financial and consulting sectors hold back, possibly due to sector-specific pressures.
Beyond the tangible figures of remuneration, Cooper Fitch’s Managing Partner highlights the emergent importance of annual bonuses and flexible work arrangements in securing workforce allegiance in the UAE’s dynamic job market.
Talent Acquisition Concerns:
The guide pinpoints talent acquisition as a challenge, with 27 percent of respondents flagging a future talent shortage. Senior management and leadership sit at the forefront of this scarcity, reflecting an imminent high-stakes race for professionals equipped with executive prowess and sales acumen.
Policy Responses:
In anticipation of the impending talent crunch, UAE’s leadership has proactively refined the Advanced Visa System, easing the path for skilled migrants, entrepreneurs, and investors. This is part of the broader strategy to balance the market’s demand-supply equation and sustain the country’s competitive edge as a global employment hub.
The forthcoming year ushers in pressing concerns about talent availability, particularly for roles in management, leadership, and sales. Organizations within the UAE will likely bolster their resources to allure and retain the crème de la crème of the workforce.
Top 10 skill shortages
- Management
- Leadership
- Analytical Skills
- Project Management
- Artificial Intelligence
- Engineering
- Software Development
- Sales
- Finance
- Data Science
UAE Salary Guide 2024 across various sectors:
Real Estate
| ROLES | TITLE | MINIMUM | MAXIMUM |
|---|---|---|---|
| Development and Design | Chief Development Officer | 132,000 | 263,000 |
| Executive Director of Development | 88,000 | 165,000 | |
| Executive Director of Design | 79,000 | 127,000 | |
| Director of Development | 55,000 | 94,000 | |
| Director of Design | 55,000 | 94,000 | |
| Director of Urban Planning | 55,000 | 94,000 | |
| Senior Development Manager | 43,000 | 72,000 | |
| Senior Design Manager | 40,000 | 67,000 | |
| Senior Urban Planning Manager | 39,000 | 64,000 | |
| Design Manager | 27,000 | 57,000 | |
| Development Manager | 27,000 | 57,000 | |
| Urban Planning Manager | 27,000 | 48,000 | |
| GIS Manager | 27,000 | 45,000 | |
| Environmental, Social, Corporate, Governance | Head of Sustainability | 73,000 | 110,000 |
| Senior Environmental Manager | 49,000 | 68,000 | |
| Sustainability Manager | 33,000 | 49,000 | |
| Environmental Manager | 33,000 | 47,000 | |
| Sales and Post Construction | Chief Commercial Officer | 99,000 | 152,000 |
| Executive Director of Sales | 82,000 | 120,000 | |
| Executive Director of Asset Management | 82,000 | 110,000 | |
| Executive Director Facilities Management | 64,000 | 101,000 | |
| Director of Asset Management | 66,000 | 88,000 | |
| Director of Sales | 61,000 | 82,000 | |
| Director of Leasing | 49,000 | 76,000 | |
| Senior Asset Manager | 55,000 | 71,000 | |
| Director of Facilities | 39,000 | 61,000 | |
| Asset Manager | 27,000 | 44,000 | |
| Property Manager | 22,000 | 44,000 | |
| Facilities Manager | 22,000 | 44,000 | |
| Leasing Manager | 22,000 | 39,000 | |
| Sales Manager | 22,000 | 39,000 |
Advisory:
| ROLES | TITLE | MINIMUM | MAXIMUM |
|---|---|---|---|
| Audit | Partner (5+ years) | 94,000 | 132,000 |
| Partner (1-4 years) | 66,000 | 88,000 | |
| Director | 44,000 | 55,000 | |
| Senior Manager | 36,000 | 41,000 | |
| Manager | 24,000 | 33,000 | |
| Assistant Manager | 20,000 | 24,000 | |
| Senior Associate | 14,000 | 19,000 | |
| Associate | 8,000 | 13,000 | |
| Risk Consulting | Partner (5+ years) | 110,000 | 165,000 |
| Partner (1-4 years) | 82,000 | 110,000 | |
| Director | 55,000 | 71,000 | |
| Senior Manager | 40,000 | 49,000 | |
| Manager | 31,000 | 39,000 | |
| Assistant Manager | 25,000 | 30,000 | |
| Senior Associate | 17,000 | 24,000 | |
| Associate | 13,000 | 16,000 | |
| Deal Advisory and Transaction Services | Partner (5+ years) | 120,000 | 181,000 |
| Partner (1-4 years) | 88,000 | 110,000 | |
| Director | 57,000 | 76,000 | |
| Senior Manager | 40,000 | 49,000 | |
| Manager | 31,000 | 39,000 | |
| Assistant Manager | 26,000 | 31,000 | |
| Senior Associate | 18,000 | 24,000 | |
| Associate | 14,000 | 17,000 |
Banking:
| ROLES | TITLE | MINIMUM | MAXIMUM |
|---|---|---|---|
| Private Banking and Wealth Management | Head of Private Banking / Wealth Management (16+ years) | 149,000 | 186,000 |
| Market Head / Managing Director (15 years) | 132,000 | 154,000 | |
| Executive Director / Unit Head (10 – 12 years) | 85,000 | 110,000 | |
| Associate Director (5 – 8 years) | 71,000 | 88,000 | |
| Senior Wealth Manager | 71,000 | 88,000 | |
| Wealth Manager | 51,000 | 69,000 | |
| Relationship Manager – Key Clients (5 – 7 years) | 49,000 | 66,000 | |
| Wealth Management Specialist | 38,000 | 50,000 | |
| Assistant Relationship Manager – Support (5 – 7 years) | 27,000 | 44,000 | |
| Corporate Banking | Head of Corporate Banking | 96,000 | 146,000 |
| Head of SME Banking | 74,000 | 112,000 | |
| Team Leader – Corporate Banking | 88,000 | 99,000 | |
| Senior Director – Relationship Management | 71,000 | 82,000 | |
| Director – Relationship Management | 53,000 | 69,000 | |
| Relationship Manager | 38,000 | 49,000 |
Compliance and Regulation
| ROLES | TITLE | MINIMUM | MAXIMUM |
|---|---|---|---|
| Compliance and Regulation | Chief Compliance Officer (CCO) | 102,000 | 125,000 |
| Head of Enforcement | 78,000 | 97,000 | |
| Head of Compliance | 70,000 | 88,000 | |
| Head of Financial Crime | 61,000 | 73,000 | |
| Head of Fraud | 56,000 | 69,000 | |
| Compliance Licensed MLRO (DIFC) | 45,000 | 59,000 | |
| Senior Manager, Banking Supervisor | 50,000 | 57,000 | |
| Manager, Banking Supervision | 45,000 | 49,000 | |
| Financial Crime Manager | 42,000 | 48,000 | |
| Fraud Manager | 39,000 | 45,000 | |
| Compliance (FATCA specialists) | 32,000 | 40,000 | |
| Compliance Manager | 33,000 | 40,000 | |
| Sanctions and AML Manager | 33,000 | 39,000 | |
| Compliance Consultant | 28,000 | 39,000 | |
| Compliance Officer-Private Banking, Wealth, Invest. products | 23,000 | 29,000 | |
| Compliance Officer (KYC, On boarding, CDD) | 16,000 | 23,000 |
Risk
| ROLES | TITLE | MINIMUM | MAXIMUM |
|---|---|---|---|
| Risk | Chief Risk Officer | 82,000 | 105,000 |
| Head of Credit Risk | 60,000 | 75,000 | |
| Head of Collections and Recovery | 60,000 | 70,000 | |
| Market Risk Head | 59,000 | 65,000 | |
| Head of Risk Analytics | 56,000 | 65,000 | |
| Credit Risk Policies Head | 57,000 | 64,000 | |
| Operational Risk Head | 59,000 | 64,000 | |
| Credit Risk Policies VP | 53,000 | 58,000 | |
| Credit Risk Manager | 34,000 | 53,000 | |
| Operational Risk Manager | 38,000 | 46,000 | |
| Market Risk Manager | 34,000 | 45,000 | |
| Risk Analytics Manager | 28,000 | 41,000 | |
| Enterprise Risk Manager | 30,000 | 38,000 | |
| Credit Risk Analyst | 19,000 | 25,000 | |
| Risk Analytics Officer | 17,000 | 25,000 | |
| Market Risk Analyst | 20,000 | 24,000 | |
| Credit Risk Portfolio Analyst | 17,000 | 23,000 | |
| Operational Risk Analyst | 17,000 | 21,000 |
Human Resources
| ROLES | MINIMUM | MAXIMUM |
|---|---|---|
| Chief Shared Services Officer (CSSO) | 109,600 | 154,000 |
| Chief Human Resources Officer (CHRO) | 95,000 | 142,000 |
| Vice President Human Resources | 87,300 | 120,000 |
| Executive Director Support Services | 81,900 | 105,000 |
| Executive Director Human Resources | 78,400 | 102,000 |
| Director Support Services | 65,900 | 94,000 |
| HR Director | 58,000 | 88,000 |
| Director / Head of Talent Mgt | 43,700 | 61,000 |
| Head of / Director Organisational Development | 43,700 | 59,000 |
| Director / Head of Talent Acquisition | 43,700 | 55,000 |
| Director / Head of Learning and Development | 43,700 | 55,000 |
| Human Resources Business Partner | 33,000 | 54,000 |
| Organisational Development Manager | 32,000 | 48,000 |
| HR Manager | 33,000 | 44,000 |
| Compensation and Benefits / Total Rewards Manager | 27,700 | 39,000 |
| Learning and Development Manager | 27,700 | 39,000 |
| Talent Acquisition Manager | 22,400 | 37,000 |
| Training Manager | 22,400 | 36,000 |
| Recruitment Manager | 20,300 | 29,000 |
| Employee Relations Manager | 20,300 | 29,000 |
| Organisational Development Specialist | 19,100 | 26,000 |
| Learning and Development Specialist | 16,000 | 23,000 |
| Talent Acquisition Specialist | 16,000 | 21,000 |
| HR Generalist | 16,000 | 20,000 |
Investment Management
| ROLES | TITLE | MINIMUM | MAXIMUM |
|---|---|---|---|
| Private Sector | Chief Investment Officer | 88,000 | 165,000+ |
| Head of Investments / Investment Director | 82,000 | 120,000+ | |
| Vice President | 66,000 | 88,000 | |
| Investment Manager | 47,000 | 71,000 | |
| Investment Senior Associate | 42,000 | 59,000 | |
| Investment Associate | 25,000 | 39,000 | |
| Investment Analyst | 13,000 | 25,000 | |
| Public Sector | Chief Investment Officer | 137,000 | 208,000+ |
| Head of Investments / Investment Director | 88,000 | 155,000+ | |
| Vice President | 82,000 | 115,000 | |
| Investment Manager | 66,000 | 94,000 | |
| Investment Senior Associate | 55,000 | 76,000 | |
| Investment Associate | 44,000 | 61,000 | |
| Investment Analyst | 33,000 | 44,000 | |
| Asset Management | Head of Equities | 82,000 | 120,000 |
| Head of Fixed Income | 73,000 | 120,000 | |
| Head of Business Development | 76,000 | 105,000 | |
| Head of Real Estate | 66,000 | 99,000 | |
| Senior Fund/Portfolio Manager | 53,000 | 74,000 | |
| Business Development Senior Manager | 49,000 | 71,000 | |
| Business Development Manager | 37,000 | 51,000 | |
| Fund/Portfolio Manager | 36,000 | 55,000 | |
| Investment Associate | 27,000 | 37,000 | |
| Investment Analyst | 13,000 | 22,000 | |
| Investment Banking | Managing Director | 99,000 | 157,000+ |
| Senior Director | 82,000 | 131,000+ | |
| Director | 68,000 | 89,000 | |
| Vice President | 44,000 | 73,000 | |
| Associate | 25,000 | 43,000 | |
| Analyst | 16,000 | 27,000 |
Legal
| ROLES | TITLE | MINIMUM | MAXIMUM |
|---|---|---|---|
| Private Practice | Partner 5+ | 110,000 | 241,000 |
| Regional Firms | Partner 1-4 | 82,000 | 110,000 |
| Counsel | 66,000 | 94,000 | |
| Senior Associate | 49,000 | 76,000 | |
| Associate | 33,000 | 55,000 | |
| Newly Qualified | 22,000 | 39,000 | |
| Paralegal | 16,000 | 27,000 | |
| Legal Secretary | 14,000 | 22,000 | |
| Private Practice | Partner 5+ | 132,000 | 275,000 |
| US and UK Firms | Partner 1-4 | 88,000 | 132,000 |
| Counsel | 82,000 | 110,000 | |
| Senior Associate | 55,000 | 82,000 | |
| Associate | 44,000 | 66,000 | |
| Newly Qualified | 27,000 | 44,000 | |
| Paralegal | 19,000 | 33,000 | |
| Legal Secretary | 16,000 | 27,000 | |
| In-house | Chief Legal Officer | 88,000 | 132,000 |
| Director/Head | 66,000 | 99,000 | |
| General Counsel | 66,000 | 99,000 | |
| Senior Legal Counsel | 44,000 | 66,000 | |
| Legal Counsel | 39,000 | 49,000 | |
| Junior Legal Counsel | 27,000 | 39,000 |
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